• Crypto lending firm Vauld has rejected a long-standing acquisition offer from its larger competitor, Nexo.
• Vauld expressed concerns over how Nexo would handle U.S.-based Vauld customers and stated that Nexo’s revised proposals have failed to assure either matter.
• Nexo published an open letter containing a final offer for Vauld shortly before Vauld rejected the proposal.
Crypto lending firm Vauld has rejected a long-standing acquisition offer from its larger competitor, Nexo. The offer had been under consideration since last July, when Vauld was one of several companies that filed for bankruptcy in the aftermath of the collapse of Celsius.
Vauld stated that Nexo had failed to provide an assessment of its solvency and expressed concerns over how Nexo would handle U.S.-based customers. In particular, Nexo had stated in December that it would stop serving the country’s residents. Vauld concluded that Nexo’s revised proposals had failed to assure either matter.
In a private letter, Vauld co-founder and CEO Darshan Bathija told Nexo that his company would reject a final proposal put forward by Nexo. Just hours before reports of Vauld’s final rejection on Jan. 5, Nexo published an open letter containing a final offer for Vauld.
The open letter called the proposal „the best possible path forward“ and „the only path forward“. The offer would have granted Nexo customers or assets from its failed competitor, however, Vauld ultimately decided to reject the proposal.
Vauld’s rejection of Nexo’s acquisition offer is the latest development in the tumultuous relationship between the two companies. While Nexo had hoped to acquire Vauld’s assets and customers, Vauld’s decision may now force the two firms to go their separate ways.